As you are not able to access F2 BIOS it self, I would suggest to reset BIOS to default using NVRAM clear jumper. Once BIOS is set to default you can check whether you are getting option to enter BIOS where you can reset password for iDRAC.

You can find the location of NVRAM clear jumper location from below link.

https://www.dell.com/support/manuals/en-us/poweredge-r340/per340_ism_pub/system-board-connectors?guid=guid-bce34176-4520-4ce9-a8ff-eaaad3318dec&lang=en-us 

You can refer below link on steps to clear NVRAM

https://www.dell.com/support/contents/en-us/videos/videoplayer/poweredge-r740-clear-nvram-via-jumpers/6079767849001 

Hello 0mn1p0t3ntCckR04ch, can you access to idrac? That's how you can see the system status, regardless of the LC loading

What do you mean exactly? Can I connect to the server remotely using iDrac IP address/ssh? If so, I do not have credentials as the default credentials are not working. root/calvin ~ does not work. I wanted to run this command

"racadm set LifecycleController.LCAttributes.LifecycleControllerState 0"

but can't ssh to the server. If I was able to connect and run this command, but the server restarted at that time. Could it potentially cause more harm?

Does resetting the BIOs also reset the iDrac settings? I assume so.

Resetting BIOS to default will not reset iDRAC settings. They are managed separately. 

If the server is ordered with random factory password then root/calvin will not be the default password and default password will be available on system information tag. Refer below link for details

https://www.dell.com/support/kbdoc/en-us/000133536/dell-poweredge-what-is-the-default-username-and-password-for-idrac 

Do you know where the service tag is located? I'm not seeing it on the front of the server and I didn't find it in the manuals, but perhaps, I wasn't looking at the correct manual. I looked for words like luggage tag and service tag.

A quick google search looks like it's on the front of the server, but I'm not seeing it there.
https://i.ytimg.com/vi/BQBx-oFlpPg/maxresdefault.jpg 


Clearing NVRAM with the jumpers for R340
https://www.youtube.com/watch?v=sVLvQkp0GAE

Hi, actually your screenshot seems correct. R340 service tag https://dell.to/3GvkKbZ

https://dell.to/3flQoNc

If it's not there somehow, you can change password 

1. Press the F2 key while the server is booting up to open System Setup.
2. Go to iDRAC Settings > User Configuration.
3. Ensure root is the current User Name.

4. Enter a new root password in the Change Password field and press Enter.

Please check also this article Changing the Integrated Dell Remote Access Controller 9 (iDRAC9) default login password https://dell.to/3qnVb76;

Thank you for the information. I will change the username and password to my iDrac.

An update, but an unfortunately one.
I came back to the server and turned it on. It booted into LC. No changes were made. NVRAM wasn't reset and I didn't ssh into the server. I have no idea what changed as I unplugged the power and drained the flea power previously. I was able to install HyperV this time through the boot menu not even using LC. I wish, I knew what changed here so I correct the next time around. If you have any ideas, please let me know. However, thank you for your time and help. I was equipped with good troubleshooting information to try and correct this problem. Atlas, the problem was nowhere to be found.